Sen. Kay Bailey Hutchison asked Thursday for Republicans and Democrats to come together and compromise in the debt ceiling debate to avoid wounding an already fragile economy.

With the Aug. 2 default deadline less than 120 hours away, Hutchison said both houses of Congress must quickly find an agreeable solution so the country won’t hit the debt ceiling, causing a potential spike in interests rates.

“The Senate majority leader and the House speaker have put forward plans. I believe that we must find a common ground between the House and the Senate with the proposals that have been put out,” the Texan said. “There have been a lot of proposals and there are good parts in several of these proposal. We need to come together and find the best parts that we can agree on, knowing that we are a divided Congress and a divided government and move forward.”

Hutchison said most in Congress understand that failing to reach an agreement before Aug. 2 would have dramatic effects on the country’s economy, but said that members are letting ideological differences hold them back.

“We all know that we are at the point where we are because we have a fundamental difference in principle on how we believe the government should be run,” she said on the Senate Floor. “At the same time, most agree that our country can not go into default.”

The Republican hoped both chambers would settle on an agreement that was without tax increases, had “meaningful” cuts and would extend the debt ceiling quickly.

Beyond solving the debt crisis, Hutchison said the country needs to take an hard look at its entitlement programs, touting her new Social Security act as a way to reform these program. That legislation would increase the retirement age over a 16-year period to 69.

“The time is here, it is past here, to take the necessary step to get the fiscal house in order,” she said.